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What does a masters or PhD do for your application?


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I was wondering if anyone can shed light on how much the extra points from masters (2 points) or PhD (4 points) actually do for your application?
I know grad degree is beneficial in other ways (reference letter, pubs, GPA, etc), but did anyone find they were successful immediately after getting those extra graduate completion points? 

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I had a friend who completed their masters and got the additional point for it while on the waitlist and according to what they were told by the admissions office they shouldn’t worry about being waitlisted since the additional points from a masters is enough to bring someone from the bottom of the waitlist to the top. I have no idea if this is actually true in anyway but If it is it kind of illustrates how tight the competition is between competitive applicants so I’m certain if that was the case it can make a big difference if you’re already competitive and make you competitive if you are lacking in other areas. But again that’s just anecdotal and in no way do I know the validity of this.

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